Sec. 7.
A financial institution has exclusive management and control of a fund administered by it and the sole right at any time to sell, convert, exchange, transfer, or otherwise change or dispose of the assets comprising the fund. Exclusive management and control include, but are not limited to, the right to delegate responsibilities to others to the extent a fiduciary may delegate responsibilities under the laws of this state. The ownership of assets in a fund by a financial institution is solely as a fiduciary.
History: 1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.107 ;-- Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund Act
Structure Michigan Compiled Laws
Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113)
Section 555.101 - Short Title; Definitions.
Section 555.102 - Funds; Financial Institution May Establish, Maintain, and Administer.
Section 555.103 - Funds; Financial Institution May Invest as Fiduciary.
Section 555.105 - Common Trust Funds; Funds Investment.
Section 555.105a - Interest in Fund Other Than Fiduciary; Prohibition; Restrictions.
Section 555.106 - Common Trust Funds; Participation; Certificate.
Section 555.107 - Common Trust Funds; Management; Control; Ownership.
Section 555.109 - Common Trust Funds; Management Fee; Expenses.
Section 555.110 - Common Trust Funds; Mistakes in Administration; Effect.
Section 555.111 - Common Trust Funds; Rules Regulating Administration.
Section 555.112 - Common Trust Funds; Additional Investments.
Section 555.113 - Common Trust Funds; Court Accountings; Jurisdiction of Probate Court.